At the beginning of 2009, it looked from our vantage point that difficult economic conditions would finally stall the development of China's automotive industry. Falling exports, rising unemployment and global turmoil were combining to dampen consumer confidence and reduce vehicle demand.

Vehicle sales fell in four of the last five months in 2008, and would fall again in January 2009.

Seemingly unshaken, Chinese policymakers then announced a determined plan to achieve, among other targets, 7 percent growth - sales of 10 million units - for the year.